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Dec 28, 2012
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on estate tax alone as of tuesday, the estate tax she thresholds go from 5,000 exclusion to 30% tax rate. to $1 million and 50% tax rate who can do estate planning. >> and neither side can make any headway. over and over again. you ask the one side, say democrats. if the republicans gave you everything you wanted on tax hikes, do you could any entitlement reform? and the vast majority said no. and you turn to republicans, what if they embraced representative ryan's plans? would you raise taxes on anybody and a lot of them say no. so neither side will give that little bit that we know each side has to have because they want to have something, what do you get? i don't see how harry reid who hasn't passed a budget in years manages to come up with something by sunday night. >> we look at how monday will turn out. a lot of developments over the weekend will determine that. guys, it's not going to be an easy open, that's for sure, on monday. >> i'm wondering what it will look like. at the same time, when you ask the question, maybe it's better -- it's a bad deal worse than no deal? president o
on estate tax alone as of tuesday, the estate tax she thresholds go from 5,000 exclusion to 30% tax rate. to $1 million and 50% tax rate who can do estate planning. >> and neither side can make any headway. over and over again. you ask the one side, say democrats. if the republicans gave you everything you wanted on tax hikes, do you could any entitlement reform? and the vast majority said no. and you turn to republicans, what if they embraced representative ryan's plans? would you raise...
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Dec 27, 2012
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hour, dividend taxes are not taxed at 15% but are double taxed. companies have to pay taxes on their profits before distributing them as dividends. dividends are double taxed and will almost be triple taxed unless we do something in washington. all those million of dividend investors should be really angry. bad for them but it's bad for the economy. >> realistically though could we really expect it to go to 39.6, there's got to be some compromise in there somewhere. i wouldn't think the republicans would let it go much higher. >> you look at it. i don't think washington guess what this does. look at the effective rate. right now if i pay $1 as a public or private company and pay $1 a earnings as interest, it's taxed 18% higher effectively. >> right. >> so what does that do? that creates something called a debt bias. debt bias is bad for our economy. right now we have three things, too many debt in our economy, not enough job creation and need more income for retirees. tacking dividends is going to make all of those situations worse. >> to pare thi
hour, dividend taxes are not taxed at 15% but are double taxed. companies have to pay taxes on their profits before distributing them as dividends. dividends are double taxed and will almost be triple taxed unless we do something in washington. all those million of dividend investors should be really angry. bad for them but it's bad for the economy. >> realistically though could we really expect it to go to 39.6, there's got to be some compromise in there somewhere. i wouldn't think the...
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Dec 22, 2012
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tax relief for a tax cut like he likes to. going over the cliff is the only way norquist controlled republicans are spared the wrath of grover which i believe having known grover for 35 years is indeed worse than the wrath of khan. so if a deal is more likely, why sell now. legitimate question, ain't it. it could be the major reason we didn't sell-off. we rallied 7%. even if boehner's plan b won and president said that's legitimate stillborn and couldn't be considered serious. there's been little selling in the last few weeks despite how much politicians clearly loathe each other and couldn't have a pbr. i believe we can quick selling off. more and more people recognize we could go over the cliff. even if this is why we shouldn't sell. you can get an achievable goal of helping with tax breaks. it could be possible as soon as next week. remember, it isn't a cliff where you have a hard landing. it's more like a jump on a trampoline or a deep swimming pool where there's a recovery is almost a certainty although it could be like o
tax relief for a tax cut like he likes to. going over the cliff is the only way norquist controlled republicans are spared the wrath of grover which i believe having known grover for 35 years is indeed worse than the wrath of khan. so if a deal is more likely, why sell now. legitimate question, ain't it. it could be the major reason we didn't sell-off. we rallied 7%. even if boehner's plan b won and president said that's legitimate stillborn and couldn't be considered serious. there's been...
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Dec 27, 2012
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tax patch purpose and those are xhenkful. i'll still hike to see more spending cuts. >> what does the president need to do to get you to virtually come to the people and vote yes. the helicopter has to get off the platform since the election, solving or debt and deficit problem knows that you can't cole of our debt problem before it is not faeblible. >> the president arrived at 3310:00 am and made calls to the house and senate leadership as the negotiations continued. do you sense, sir, there is a period of compromise, where nobody was talking and everybody was holding the ground firmly? do you have a greater sense of comp moise as we into -- the speaker said the president didn't next any dale or the compromise so i ge he'll take that up in the shat, hopefully vote for it. >> part part of the problem last week was the conservative wing of the party that i put you in for plan "b," and it was seening a something of a mutiny against john boehner at that point. so i'ming what is do you feel the support think of wing of the part i
tax patch purpose and those are xhenkful. i'll still hike to see more spending cuts. >> what does the president need to do to get you to virtually come to the people and vote yes. the helicopter has to get off the platform since the election, solving or debt and deficit problem knows that you can't cole of our debt problem before it is not faeblible. >> the president arrived at 3310:00 am and made calls to the house and senate leadership as the negotiations continued. do you sense,...
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Dec 26, 2012
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gains tax. it's a bad time to move into apple. things like intel. something that the market beat up all year, you know, in the name of it being old world p.c. i think it -- push it to a point where the valuations are reasonable. stuff -- some of the utilities like s.o., aep, hit hard for tax reasons. when the new year starts, i think people will start moving back into those. i think there's things to buy. >> jim, it sounds like you're saying risk on as we approach january 1. i want to talk about the vix. i know that you watch that closely. we're watching it sitting under 20 now. not near the highs we saw when we were dealing with the debt ceiling debate. what's different about the fiscal cliff and what we were seeing then that's keeping the vix so low now? >> well, i think what it is is that the market's come to the realization that the budget thing is going to be clumsy. but at the end of the day, the fed is still prepared to inject more liquidity if things start to look bad. we have this push/
gains tax. it's a bad time to move into apple. things like intel. something that the market beat up all year, you know, in the name of it being old world p.c. i think it -- push it to a point where the valuations are reasonable. stuff -- some of the utilities like s.o., aep, hit hard for tax reasons. when the new year starts, i think people will start moving back into those. i think there's things to buy. >> jim, it sounds like you're saying risk on as we approach january 1. i want to...
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Dec 28, 2012
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meeting with a plan of simply restating what he said last friday, that he was willing to extend the bush tax cuts for those making under $250,000. of course that was not a proposal that republicans were likely to greet with open arms, to say the least. >> any sense on how senators mcconnell and senator reed will actually stage some sort of meeting of the minds, especially as senator mcconnell is up for re-election in 2014. nobody wants to be perceived as the one who's going to roll over. >> we don't know, but there's intense interest on in capitol hill on this. a picture of the senate floor was tweeted when mcconnell got up up from the meeting at the white house and he's surrounded in the picture by his republican colleagues. so the republican senators themselves would like to know from their leader, you know, what happened there, what are we going to do now? that's the big, open question now. >> the dow jones is reporting that a white house official is saying the white house will host a conference call with ceos at 5:30 p.m. eastern time, just about 30 minutes from now. any sense as to why
meeting with a plan of simply restating what he said last friday, that he was willing to extend the bush tax cuts for those making under $250,000. of course that was not a proposal that republicans were likely to greet with open arms, to say the least. >> any sense on how senators mcconnell and senator reed will actually stage some sort of meeting of the minds, especially as senator mcconnell is up for re-election in 2014. nobody wants to be perceived as the one who's going to roll over....
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Dec 28, 2012
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>> don't tax me. tax the guy behind the tree. that's what we're faced with. everybody wants to pay lower taxes and get more services if you're in defense, you say, we need the money. if you're in agriculture, you see we need subsidized crop insurance. where does it end? in montana, we've had eight years of -- they're not willing to do that in washington, d.c. they just kick the can down the road. >> what does it mean in terms of federal aid or reduction in federal aid if we go over the fiscal cliff and even if we don't go over the cliff, and they come up with a bandaid, you risk losing more federal aid down the road, don't you? >> no question about you. we're a rural state. montana is the size of pefl r. -- pennsylvania, new york. there are federal dollars that pay for maintaining those highways. you can't have a million people pay for all those highways because it connects the entire country. you have forest service, 30% of the land is owned by the federal government. so there's a lot of federal dollars that come to montana. that's part of the system. >> wha
>> don't tax me. tax the guy behind the tree. that's what we're faced with. everybody wants to pay lower taxes and get more services if you're in defense, you say, we need the money. if you're in agriculture, you see we need subsidized crop insurance. where does it end? in montana, we've had eight years of -- they're not willing to do that in washington, d.c. they just kick the can down the road. >> what does it mean in terms of federal aid or reduction in federal aid if we go over...
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Dec 28, 2012
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we don't love raising taxes. the facts is, if you're serious about this debt, if you're serious about deficit reduction, we have to be able to both get some new revenue. asking millionaires to pay a little bit more in marginal rates. we have to get serious about how we're going to do spending cuts in the right way. republicans have said department of defense shouldn't be on the table. we shouldn't demand more of the 50 seat accountability from across government. we are putting spending cuts on the table and investing for economic growth on the table. we need to stop having a discussion about who the bad guy is and start getting serious about getting this done. >> good luck on sunday night. we're all looking forward to seeing what you guys get done on sunday night when you're back in session. it's good to have you on. we have a market flash. >>> michelle, want to take a check on the share of facebook today. reversing some of the losses on reports that ichb stay gram had lost 25% of its users since it changed its s
we don't love raising taxes. the facts is, if you're serious about this debt, if you're serious about deficit reduction, we have to be able to both get some new revenue. asking millionaires to pay a little bit more in marginal rates. we have to get serious about how we're going to do spending cuts in the right way. republicans have said department of defense shouldn't be on the table. we shouldn't demand more of the 50 seat accountability from across government. we are putting spending cuts on...
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Dec 29, 2012
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they want to raise taxes on somebody. so is there any possibility that either side will budge on those two issues? >> we'll have to wait and see what happens. the president, as funny as it sounds, at the end of the press conference came out and said if the senate can't get this done, let's do the bare minimum, my plan and let's raise taxes on $250,000 and do that if you can't reach some other agreement. it's absurd on this. >> if there were real entitlement reform -- >> and there were real entitlement reform, would you be willing to raise taxes on anybody just so the democrats could save face and say they got a deal? >> it would have to be some pretty serious entitlement. >> like what? like what? >> we'll have to wait and see how that comes out. >> see, that's the problem? >> let's take the basics. you have food stamp issues with a lot of food stamp fraud that's out there and you have people certified to get food stamps and i don't have an issue with someone who has an actual need and qualifies for it. i have a real issue
they want to raise taxes on somebody. so is there any possibility that either side will budge on those two issues? >> we'll have to wait and see what happens. the president, as funny as it sounds, at the end of the press conference came out and said if the senate can't get this done, let's do the bare minimum, my plan and let's raise taxes on $250,000 and do that if you can't reach some other agreement. it's absurd on this. >> if there were real entitlement reform -- >> and...
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Dec 26, 2012
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raising taxes. we'll have to get serious. your guys just gave us, it was depressing enough to go out and have two double cheeseburgers and a milk shake. it was awful, and it's about time. we need a plus. we need something to charge up this economy, and getting this done. robert zelic on our board on the campaign to fix the debt, you know, the former head of the world bank, he said america is one good debt deal away from being the dominant economy for the next 25 years in the entire world. >> so you believe it's going town lock -- taking away that uncertainty is going to unlock cap "x" and hiring and consumers to open up their wallet? you think it will make that much of a difference? >> i believe it will. how many other arrows do we have in our quiver? >> there's an optimistic thought. better have another cheeseburger, governor. good to see you, again. thank you. >> good to see you guys. >> let's fix this. >> yeah. wouldn't that be nice. i'm the optimistic one on this show, and i'm starting to lose t
raising taxes. we'll have to get serious. your guys just gave us, it was depressing enough to go out and have two double cheeseburgers and a milk shake. it was awful, and it's about time. we need a plus. we need something to charge up this economy, and getting this done. robert zelic on our board on the campaign to fix the debt, you know, the former head of the world bank, he said america is one good debt deal away from being the dominant economy for the next 25 years in the entire world....
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Dec 27, 2012
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income taxes are not the only major issues here. we go over the cliff, the tax rate on most capital gains would go from 15 to 20%. dividends would now be taxed like regular income instead of capital ganls. the inheritance tax, that would go from 35% on estates over $5 million to 55% on estates over a million bucks. so a lot of implications here not just on regular income taxes. michelle. >> got it, jackie. good way to lay out the situation. investors acting on their fiscal cliff nerves. this is the first time since the dow has dipped. a deal has been priced in. a lot of people thought something was going to happen. harry reid said we're probably going over the cliff. check out the wall street fear index. they have spiked above 20 for the first time since july. if this is what we're facing, how much worse can the fall get? jackie laid it all out, right? the average individual will have a lot less money to spend and we are a consumer-driven economy. a lot of action down there on the floor. >> people excited. >> is the market acting in
income taxes are not the only major issues here. we go over the cliff, the tax rate on most capital gains would go from 15 to 20%. dividends would now be taxed like regular income instead of capital ganls. the inheritance tax, that would go from 35% on estates over $5 million to 55% on estates over a million bucks. so a lot of implications here not just on regular income taxes. michelle. >> got it, jackie. good way to lay out the situation. investors acting on their fiscal cliff nerves....
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Dec 22, 2012
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the rest of our lives, we're going to be talking about the largest tax cut in history as the obama tax cuts. >> katie, maybe so, but i think the republicans have to be the retreat. in some sense, they'll take sola solace. i happen to think boehner had the least bad proposal, i'm sorry it got beaten down. will the republicans come back and vote for tax cuts in january? democrats sure will. >> well, that's certainly an option that's on the table and definitely makes their job easier with their constituents back home. but there's one thing we're forgetting here, republicans in general can still come back in the ten-day period we have before the fiscal cliff deadline and vote present and wash their hands clean of president obama's proposal and allow him to deal with the economic consequences of his plan. >> can i just add -- i'm sorry to jump in -- i'm sorry to adjust quick. can we stop saying it's ten days? it's three days. >> it is three days, that's correct. >> they're not coming back until wednesday. >> true. >> i think to katie's point. the thing i would say, though, i don't think tha
the rest of our lives, we're going to be talking about the largest tax cut in history as the obama tax cuts. >> katie, maybe so, but i think the republicans have to be the retreat. in some sense, they'll take sola solace. i happen to think boehner had the least bad proposal, i'm sorry it got beaten down. will the republicans come back and vote for tax cuts in january? democrats sure will. >> well, that's certainly an option that's on the table and definitely makes their job easier...
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Dec 28, 2012
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. >> it's been all about taxes. >> all about raising taxes. >> there's this obsession with raising taxes. >> it was to go after school lunches and elderly care, health care for poor kids and increased spending. >> no, no, no, they want entitlement reform, joy ann. why this obsession with cutting old people's medicare? >> it's not an obsession about cutting benefits to the elderly, joy ann. it's about reforming medicare over time so at some point in the future we don't tell an 80-year-old you know what? you're not going get the medicare cha you thought you would have. this is about not hurting the elderly. >> the republican solution is to hand 80-year-olds a voucher and saying good luck, go into the markets and see what you can get. >> 80-year-olds are not any part of it. they're 20, 30 years from now. the president's idea of spending cuts had to do with $700 billion worth of medicare cuts in the past two years ago. >> and paul ryan endorsed it. >> paul ryan endorsed it and that was in ryan's plan. thanks, guys. >> there was another surprise coming out of washington today. the unexpected
. >> it's been all about taxes. >> all about raising taxes. >> there's this obsession with raising taxes. >> it was to go after school lunches and elderly care, health care for poor kids and increased spending. >> no, no, no, they want entitlement reform, joy ann. why this obsession with cutting old people's medicare? >> it's not an obsession about cutting benefits to the elderly, joy ann. it's about reforming medicare over time so at some point in the future...
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Dec 24, 2012
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you have to go to your tax person on that. when you put it in, there's a limit before you get hit with that business tax. check that out. epd, they are all coming down. every single one is coming down. i want to buy. louis in maryland. >> caller: dunkin brands. >> i like it very much. i wanted to buy it for my travel charitable trust recently, but i own starbucks for that one. that's one that ginny mentioned at the top of the lightning round. brandon in oregon. >> caller: how are you doing today? >> it's a good day. how about you? >> caller: real good. my question is what are your thoughts on snap-on? >> it's one of my favorites. let's go to gregory in mississippi. gregory. wow, gregory. >> caller: thank you for taking my call, mr. cramer. my question is on company wr grace. techer symbol gra. it's had a good run this year. i was wondering your opinion. >> i have to save that one. i used to know grace and i'm not sure what's in it and stock is red hot. i vow to be bullish about it if i can find out more about it other than the
you have to go to your tax person on that. when you put it in, there's a limit before you get hit with that business tax. check that out. epd, they are all coming down. every single one is coming down. i want to buy. louis in maryland. >> caller: dunkin brands. >> i like it very much. i wanted to buy it for my travel charitable trust recently, but i own starbucks for that one. that's one that ginny mentioned at the top of the lightning round. brandon in oregon. >> caller: how...
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Dec 26, 2012
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, maybe even higher corporate taxes, lower government spending. i mean, that in and of itself is an austerity plan that we're waiting for, isn't it? >> i don't think it's necessarily austerity. the reductions in spending over time can happen over time, the way our government keeps track is over a decade. >> right. >> so we don't need to do it all today, and as far as higher taxes go, there's a group of people who will sign this pledge not to raise taxes, and, you know, more than two-thirds are millionaires who said, you know what, we'll pay more taxes because in the end analysis, the investment we would make in paying more in taxes to get the economy going will return in wealth very quickly if we get the economy back to where it should be. >> there's a very good article on cnbc.com about the possibility that congress might decide to start tax is employer-sponsored health insurance. do you think that's a possibility, and what impact would that have on you? >> everything needs to be on the table. if we're going to have a good solution that gets at o
, maybe even higher corporate taxes, lower government spending. i mean, that in and of itself is an austerity plan that we're waiting for, isn't it? >> i don't think it's necessarily austerity. the reductions in spending over time can happen over time, the way our government keeps track is over a decade. >> right. >> so we don't need to do it all today, and as far as higher taxes go, there's a group of people who will sign this pledge not to raise taxes, and, you know, more...
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Dec 28, 2012
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care tax. the occupy movement will not return with the same strength but talk of fat cats and pluto krats in the media will reduce conspicuous consumption. the rich will put less in u.s. stocks and more towards hard assets. real estate and high end collectibles. it will be funded by the overseas rich with some homes selling for more than $100 million. luxury spending will remain weak largely because of weakness in china. bright spots will be high end luxury like lbmh and experiences like travel and entertainment. wealth will become quieter. call it stealth wealth. the big spending and big luxuries will be behind closed doors and kitchens like this could become the new status symbol. >>> now that robert has given us his pricey predictions, we would like to provide you with what we think are some promising predictions for 2013. >> all right. we're laying them out. let's take a look at what we've got, all right? to kick start the predictions, mandy. i've got a hunch that the dow will hit a record
care tax. the occupy movement will not return with the same strength but talk of fat cats and pluto krats in the media will reduce conspicuous consumption. the rich will put less in u.s. stocks and more towards hard assets. real estate and high end collectibles. it will be funded by the overseas rich with some homes selling for more than $100 million. luxury spending will remain weak largely because of weakness in china. bright spots will be high end luxury like lbmh and experiences like travel...
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Dec 26, 2012
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j, for a long time, apple selling off because of tax selling. at this point, as we close the books on 2012 -- >> tax gain selling. >> exactly. can it be the fundamental story, finally catching up to apple? >> absolutely. and i think a lot of folks, you get that turnover because a lot of folks can get right back in, because, again, they don't have to worry about the work sale rule. they can get right back in. but nonetheless, it seems on every rally in the morning, melissa, it is hit by that tax gains selling that i'm talk about and perhaps those same folks are buying back into it in the afternoon, and then getting freaked out as the stock goes lower, into the end of the afternoon. so, whatever's going on in there, i like this story into 2013. i just don't like holding it now. i have no position in apple. >> josh brown, buyer or seller of apple? >> i'd be a buyer here. but i've been saying that since 560, 570. but i do think that the tax selling is having a huge impact on the stock. and i think the next earnings report, you probably would rather
j, for a long time, apple selling off because of tax selling. at this point, as we close the books on 2012 -- >> tax gain selling. >> exactly. can it be the fundamental story, finally catching up to apple? >> absolutely. and i think a lot of folks, you get that turnover because a lot of folks can get right back in, because, again, they don't have to worry about the work sale rule. they can get right back in. but nonetheless, it seems on every rally in the morning, melissa, it...
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Dec 26, 2012
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, if they're going to vote to raise taxes or at least let tax rates expire on the upper end, they only want to do that once. that's not something they want to keep doing. certainly if speaker boehner puts something on the floor that his republican conference is not happy with, that's a risk that he's taking. >> has the president moved much on spending? because we talk all the time about the taxes but we seem to give a little less emphasis on the spending. is the president meaningful moving on that? >> depends on your definition of meaningfully. certainly there has been some movement from the white house over time on spending. i think there's been a movement toward talking about entitlements. when you talk about the cpi, consumer price index, that shift over there, that's a small concession to where republicans are but nobody's really talking about the big spending cuts that would have to be made to major entitlement programs to really alter the way that our budget course looks for the future, or to raise taxes in such a way as to pay for those programs as they are currently constituted
, if they're going to vote to raise taxes or at least let tax rates expire on the upper end, they only want to do that once. that's not something they want to keep doing. certainly if speaker boehner puts something on the floor that his republican conference is not happy with, that's a risk that he's taking. >> has the president moved much on spending? because we talk all the time about the taxes but we seem to give a little less emphasis on the spending. is the president meaningful...
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Dec 27, 2012
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and if you reach the level of taxes is too high. so the strategy of the government should be going forward, again, to cap public spending, reduce taxes, to create a favorable environment for corporate. and let me say that france has a lot of advantages. nice infrastructure, good infrastructure, demography, people with skills, a good level of education. we can take advantage of that, even compared with our peers so let's do everything we can to -- the benefit of these positive advantages and not be -- not present people to invest in france because they might be afraid of a lack of visibility on the taxpayers or too high taxes. >> but do you think it's sending the right signal to investors when it's threatening to nationalize a factory? >> no, certainly not. these are not the right ones and clearly what an investor needs is, again, confident. immediately going forward, illustrate will not suffer from taxes or a potential threat. the message should be positive for investors, not just french one, but also we have a strategy to reduce st
and if you reach the level of taxes is too high. so the strategy of the government should be going forward, again, to cap public spending, reduce taxes, to create a favorable environment for corporate. and let me say that france has a lot of advantages. nice infrastructure, good infrastructure, demography, people with skills, a good level of education. we can take advantage of that, even compared with our peers so let's do everything we can to -- the benefit of these positive advantages and not...
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Dec 26, 2012
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and i didn't vote to raise your taxes. as simplistic as that is, i think it's true so i think they let us go over and then cut the taxes and they undo all the good the cliff could actually do. >> but there's no real spending cuts. that's part of the problem. it's all talk. there's no real cuts in the cliff. >> you guys sound like congress. keep on arguing behind the scenes. enjoy yourselves. thank you so much, michael. peter, you're sticking around. >>> meantime, the fiscal cliff may be a big deal but there is another threat out there which might be in the short term more risky. the container cliff. businesses up and down the eastern seaboard are bracing for a massive port showdown as unions threaten to strike and possibly shut down most imports and exports out of this country. let's add in cnbc contributor jimmy peeb. we focus so much on the fiscal cliff. if we shut down 14 or 15 of the biggest ports in america, that could do much more harm than any fiscal escarpment. >> it could do much more harm more quickly. the fiscal
and i didn't vote to raise your taxes. as simplistic as that is, i think it's true so i think they let us go over and then cut the taxes and they undo all the good the cliff could actually do. >> but there's no real spending cuts. that's part of the problem. it's all talk. there's no real cuts in the cliff. >> you guys sound like congress. keep on arguing behind the scenes. enjoy yourselves. thank you so much, michael. peter, you're sticking around. >>> meantime, the fiscal...
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or have much of an impact as much as the investment related taxes will like when dividend taxes go to 44% automatically. >> yeah. >> which is going to happen when we go over the fiscal cliff. capital gains going up to ordinary income of 39.6. what would you say is a realistic level for those two taxes? >> well, i don't know. >> i mean once they get a deal. >> decide for us, quint. >> yeah. well, probably in the 40s right? i think ultimately -- >> 40s? that is going to be a problem for the market. >> yes, it is. that is why i think running out and hiding into dividend paying stock is not the answer. when this really sets in that we're not going to have a deal the market is going to come off. believe it or not when it comes off those are still the areas that i would look because where are you going to find, you know, an intel for example yielding 4.5%, loads of cash on the balance sheet, and even if it gets taken down under $20 a share, very healthy company, excellent dividend yield. >> yes. >> so i would rather have that even if i'm paying a higher tax on it than be sitting in cash yie
or have much of an impact as much as the investment related taxes will like when dividend taxes go to 44% automatically. >> yeah. >> which is going to happen when we go over the fiscal cliff. capital gains going up to ordinary income of 39.6. what would you say is a realistic level for those two taxes? >> well, i don't know. >> i mean once they get a deal. >> decide for us, quint. >> yeah. well, probably in the 40s right? i think ultimately -- >> 40s?...
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this is going to be solved by taxes. >> how confident are you on that, dan? are you over here -- pirate eye patch and a hat on the air if you're wrong? >> i'll bet you -- gambling is illegal. i will not bet but i will buy you a drink if this is not solved by tax day. >> i want to be on the line there and do the pirate dance is all i'm going to say. we've got to leave it there, ken and dan. arrrrr. >> arrrr you ready for thursday trivia, maty? can you name -- here's our trivia question for today. thanks, guys. the retail stock that has been up in the first quarter every year for the last nine years? we're going to unveil that name coming up a bit later on. >> i have to say, i was a little bit surprised. anyway, plus are commodities right for your portfolio in 2013? they've been pretty shabby as a return on investment in 2012. we'll get some predictions next year. >>> and has the fha failed at its mission? fannie mae's chief credit officer says, yeah, they have. he'll join us with why next. >>> hi, my name is madeline alfardo. we employ 400 people. the fiscal c
this is going to be solved by taxes. >> how confident are you on that, dan? are you over here -- pirate eye patch and a hat on the air if you're wrong? >> i'll bet you -- gambling is illegal. i will not bet but i will buy you a drink if this is not solved by tax day. >> i want to be on the line there and do the pirate dance is all i'm going to say. we've got to leave it there, ken and dan. arrrrr. >> arrrr you ready for thursday trivia, maty? can you name -- here's our...
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the whole conversation has been about tax hikes. i mean, you can't -- you're talking about how many tax hikes and who is going to be involved, but we really need to address the spending issue. >> dan greenhouse, do you agree? >> more or less. i'll take issue with what mandy just said about cutting austerity. we know there's going to be a fiscal contraction next year. nothing in what these guys agree upon will add to the level of austerity. the types of things that we're talking about, adjusting the cpi used to compute social security benefits down the road, those types of things are not real austerity, and so we really shouldn't be worried about that in terms of 2013. >> so you see growth, dan? you see the stock market moving up? you see a year that will still be positive for us in all of those respects, even if we do have, for example, massive spending cuts and tax hikes, that's what you're seeing? >> i take issue with the word massive, and i'm sure rick will as well. we think next year will be okay in of everything, but, again, to
the whole conversation has been about tax hikes. i mean, you can't -- you're talking about how many tax hikes and who is going to be involved, but we really need to address the spending issue. >> dan greenhouse, do you agree? >> more or less. i'll take issue with what mandy just said about cutting austerity. we know there's going to be a fiscal contraction next year. nothing in what these guys agree upon will add to the level of austerity. the types of things that we're talking...
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the obama tax cuts. i'm calling it first. the obama tax cuts. he's going to write a tax cut bill, send it up to the hill, and they're going to pass it. >> expires on january 2nd. >> do we make them permanent, jimmy? 98% of them will be made permanent? >> i hope not. that is not the job of the government. the government's job is to raise taxes and to lower taxes when our economy needs it. that's what the senate does. john breaux, former senator john breaux from louisiana sat on the floor during the 2001 tax bill and said our job is to raise taxes when they need to be raised and lower them when they need to be lowered. that's the senate and the house's job. >> but, one man's -- is another man's -- if you look at the laugher curve you don't know when to raise and when to lower at this point. >> president obama kept bush's taxes in for two years. >> i know. >> but suddenly, you know, democrats like you love the 98%, and you hate the 2%. it's very weird. >> tell him, joe. >> don't hate the 2%. i'm not a self-
the obama tax cuts. i'm calling it first. the obama tax cuts. he's going to write a tax cut bill, send it up to the hill, and they're going to pass it. >> expires on january 2nd. >> do we make them permanent, jimmy? 98% of them will be made permanent? >> i hope not. that is not the job of the government. the government's job is to raise taxes and to lower taxes when our economy needs it. that's what the senate does. john breaux, former senator john breaux from louisiana sat on...
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you'll see estate taxes go up, investment taxes go up. there is an endless list of expiring provisions of law that will, in fact, expire if nothing is done. and i think even if something is done at this point, what you're looking at is something very scaled back, something very small and congress will have to come back next year and take a look at trying to get to some of those other issues. >> alistair here. that sounds about right to me, assuming that that scenario is how things play out. what sort of impact medium term do you think this is going to have on consumer and corporate confidence in america, given that the fiscal cliff is clearly weighed heavily on both of those in recent months? >> the sad thing, you know, from an observer's standpoint here is that there isn't much corporate or consumer confidence in the american government. and it's proved itself dysfunctional time and again over the last couple of years. what you hear now is not how people believe that there's going to be some last-minute deal, but how they remember the ti
you'll see estate taxes go up, investment taxes go up. there is an endless list of expiring provisions of law that will, in fact, expire if nothing is done. and i think even if something is done at this point, what you're looking at is something very scaled back, something very small and congress will have to come back next year and take a look at trying to get to some of those other issues. >> alistair here. that sounds about right to me, assuming that that scenario is how things play...
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while the talking heads on tv go on about tax cuts for the rich and we get them, will we not get them, had is about spending and have to address spending now. >> when you read his moats, the -- outline that he sends to harry reid, he says the government is spending $100 billion more per month than what it brings in. i mean, it is really incredible. what does this mean for the fiscal cliff discussions? >> well, i don't think it really means a whole lot. i think it is -- sort of the white house's way, treasurer's way, of putting extra pressure on the people in the building behind us. by the way, none of them are there. i'm not sure that's really going to work, frankly. and -- i -- john, our colleague john harwood is exactly right. this is not a surprise. we knew this was coming. the question that it is, you know, three days -- thee business days, as you say before, the actual deadline itself, that's disconcerting. but -- again, it is not surprising. i don't think it has any -- will peak the negotiations at all, frankly. not at all. >> what about the secretary's use of this phrase -- the
while the talking heads on tv go on about tax cuts for the rich and we get them, will we not get them, had is about spending and have to address spending now. >> when you read his moats, the -- outline that he sends to harry reid, he says the government is spending $100 billion more per month than what it brings in. i mean, it is really incredible. what does this mean for the fiscal cliff discussions? >> well, i don't think it really means a whole lot. i think it is -- sort of the...
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the end of the payroll tax cut and the impact of the hike in the minimum tax on january 1st. over the weekend, we did hear from some republican moderates who say it may in fact be time to make some kind of a move. >> the president's statement is right, no one wants taxes to go up on the middle class. i don't want them to go up on anybody. but i'm not in the majority in the united states senate and he's the president of the united states. >> now the focus shifted to mitch mcconnell. the senate taking the lead on a compromise with democrats, and something that can get some support among house republicans. carl? >> hampton, thank you very much. hampton pearson in washington. >> the gift that keeps on giving. we're talking about market wisdom. what you need to know ahead of the opening bell. and whether you're a holiday traveler or investor, you want to hear about the state of the airline industry. let's take a look at futures one last time before the holiday shortened session. about ten points down on the dow. ally bank. why they have a raise your rate cd. tonight our guest, tho
the end of the payroll tax cut and the impact of the hike in the minimum tax on january 1st. over the weekend, we did hear from some republican moderates who say it may in fact be time to make some kind of a move. >> the president's statement is right, no one wants taxes to go up on the middle class. i don't want them to go up on anybody. but i'm not in the majority in the united states senate and he's the president of the united states. >> now the focus shifted to mitch mcconnell....
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the rating agencies understand voting for a tax decrease is easier than tax increase. if this drags on to late january, the president is talking about using the inauguration as a forum to bash republicans, if this goes into february, they could come out irrespective of a deal going forward, aaa doesn't act like this. >> i think it's a problem if -- first of all, we don't get there. then there are down grades. that begins to sit in on corporate holdings. >> this is broader than insurance, major markets and holders. >> insurance is such a huge holder of corporate and municipal debt. the other thing, i think is interesting, i heard from the governor, i heard a statistic that rocked me back when i heard it, said in 2012, the first person to live to be 150 years old was born. think about the implications for that around annuities, social security, the medicare system. a lot of this is really not around poor management. i heard people saying it's been mismanaged. people are living so much longer than we ever expected. the retime ages set in 1800s. that is to a large degree w
the rating agencies understand voting for a tax decrease is easier than tax increase. if this drags on to late january, the president is talking about using the inauguration as a forum to bash republicans, if this goes into february, they could come out irrespective of a deal going forward, aaa doesn't act like this. >> i think it's a problem if -- first of all, we don't get there. then there are down grades. that begins to sit in on corporate holdings. >> this is broader than...
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because then obama gets the tax increase that he wanted, right? the republicans aren't seen by their constituency of giving into the tax increase and then they start from there, anew, and you can bring it down to the middle class tax cut. so, why isn't that the way it's going to be playing out and the meeting by the house on sunday, just optic. obama coming back, just optics. >> well, like i said a couple of minutes ago, it's the relief rally versus the negative impact of the fiscal cliff. in other words, the recession their forces in the cliff, so, you picture two, like a sea change. the relief rally where it's going to happen, when we get a deal. then you have the recession their forces of the cliff right after that, so, you can see those two forces. i've been looking -- >> stocks can trade up during a recession. not when you're going into it. as you see going out of it. >> but it's still $130 billion of new taxes that are hitting the economy. maybe 150. i'm looking at two-month vices future versus the eight-month and i've been tracking it. trac
because then obama gets the tax increase that he wanted, right? the republicans aren't seen by their constituency of giving into the tax increase and then they start from there, anew, and you can bring it down to the middle class tax cut. so, why isn't that the way it's going to be playing out and the meeting by the house on sunday, just optic. obama coming back, just optics. >> well, like i said a couple of minutes ago, it's the relief rally versus the negative impact of the fiscal...
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does happen, and on top of that you have state tax increases as well. you add all of that up, if you're at the higher end you'll be cutting back some because somebody's got to give. >> you're saying the luxury retailers are the ones that we need to watch, those are the stocks that might take the biggest hit in this whole thing? >> again, it's a company-to-company thing. if you have a big business servicing tourists and tourists are doing well from asia and the arab world, maybe you'll be okay. but if you have a generalized -- yeah, i think the high end is going to be pressed and as you saw this holiday season, it appears that those people offering value did somewhat better. those people are selling consumable products did better than those selling durable products in general. >> what are your best picks? you're managing this fund. where would you put your money? the phone thing is, you know, i mention all of these stocks that are down whether it's macy's, the gap, walmart, abercrombie and others, your topics don't mention any of those. shine some light
does happen, and on top of that you have state tax increases as well. you add all of that up, if you're at the higher end you'll be cutting back some because somebody's got to give. >> you're saying the luxury retailers are the ones that we need to watch, those are the stocks that might take the biggest hit in this whole thing? >> again, it's a company-to-company thing. if you have a big business servicing tourists and tourists are doing well from asia and the arab world, maybe...
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taxes go up, then you go the republicans in position where they're getting the lower taxes. then patti murray. >> i just hope that people are paying attention that what we are seeing is basically the best world for politicians, they put off the and then everybody is going to pretend, oh, it's something happened. and nobody in the meantime is representing the interest of the american people. you know, we've got both parties in a position to negotiate this is what we want, this is what we elected and they're doing everything they can to not pay attention to that and to go to their separate corners and to be separate and to pretend that their way is not the only way. >> and it could result in people being called into, like, their supervisor's offices and their supervisor goes, i'm sorry, people are actually losing jobs because of this. >> but is there what the people voted for? there are some that think this is what the president voted for. >> how can you think that the american people didn't vote for this? >> let me get to these economical reports. there are a number on today'
taxes go up, then you go the republicans in position where they're getting the lower taxes. then patti murray. >> i just hope that people are paying attention that what we are seeing is basically the best world for politicians, they put off the and then everybody is going to pretend, oh, it's something happened. and nobody in the meantime is representing the interest of the american people. you know, we've got both parties in a position to negotiate this is what we want, this is what we...
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there's brand-new 3.9% medicare tax on high wage earners and a tax for wealthy donations. primarily between house republicans and the obama white house in the senate. but a survey done by northern trust of high net worth individuals' priorities found 44% saying their top priority for the country is economic growth and reducing unemployment versus 19% for reducing the federal budget deficit. another 15% said they wanted to see an end to gridlock. good luck. now, as far as their own wealth preservation strategies. that same survey found high net worth persons, those with $5 million or more in assets, obviously much more proactive in anticipating the tax consequences of going over the cliff than those with $1 million or less in assets. simon? >> okay, hampton, busy days. hampton pearson there in washington. straight ahead, a looming port strike that could cost the u.s. economy billions of dollars. the mayor of houston will join us live to tell us how this strike will affect her cities and cities right along the east coast. "squawk on the street" will be right back. off vietna
there's brand-new 3.9% medicare tax on high wage earners and a tax for wealthy donations. primarily between house republicans and the obama white house in the senate. but a survey done by northern trust of high net worth individuals' priorities found 44% saying their top priority for the country is economic growth and reducing unemployment versus 19% for reducing the federal budget deficit. another 15% said they wanted to see an end to gridlock. good luck. now, as far as their own wealth...
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care tax. the occupy movement will not return with the same strength, but talk of fat cats and p will iticrats in the media will drive the wealthy further into hiding and reduce conspicuous consumption. the rich will put less money into u.s. stocks and more into assets. funded by the overseas rich with some homes selling for more than $100 million. luxury spending will remain weak largely because of weakness in china. bright spots will be high end luxuries and experiences like travel and entertainment. wealth will become quieter. call it stealth wealth. the big spending in big luxuries will be behind closed doors and kitchens like this could become the new status symbol. >> du that report from your kitchen, is that how that -- >> i didn't -- no, i didn't see that. i don't remember him being there. no, our american-made company today makes what is considered to be the most popular snack food in the world. rob is cogoed founder of dock popcorn. >> hi, guys. it's actually -- >> i always thought or
care tax. the occupy movement will not return with the same strength, but talk of fat cats and p will iticrats in the media will drive the wealthy further into hiding and reduce conspicuous consumption. the rich will put less money into u.s. stocks and more into assets. funded by the overseas rich with some homes selling for more than $100 million. luxury spending will remain weak largely because of weakness in china. bright spots will be high end luxuries and experiences like travel and...
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we get to january and dems come in with a proposal to cut taxes on people making below half a million dollars. everyone has to vote that through. that will be bullish for the market. these are the type of things to think about. >> are you shopping around for what you think are bargains on the market? >> we closed our books a couple days ago. this is not my type of administrati atmosphere. i called it garbage-time on the web. any trading now in size probably has to. for most, it's a better bet to allow the higher beta stocks to move and sit tight. >> we're sticking with our long positions as we discussed. we're really taking up our shorts. the reason being, it looks as if we're going over the cliff. i don't think any thinks it's a long term problem. when the resolution comes, like doc said you will get a rally. we are sticking with long runs and picked up vix and s&p shorts and increased short positions against every one of our longs and will be there when the market rallies but protected for right now. >> you paid a little more than you would have a few days ago. the vix fear gauge ha
we get to january and dems come in with a proposal to cut taxes on people making below half a million dollars. everyone has to vote that through. that will be bullish for the market. these are the type of things to think about. >> are you shopping around for what you think are bargains on the market? >> we closed our books a couple days ago. this is not my type of administrati atmosphere. i called it garbage-time on the web. any trading now in size probably has to. for most, it's a...
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taxes or prospect of lower bonuses? >> i think both. eccentric, bodes to spending here in the northeast. as long as the economy holds up in terms of the markets and home prices and those type of things, again, the consumer has always been about the ability to spend versus willingness to. >> so which are the retailers, tom, in your opinion that could be hit the hardest? luxury obviously runs the gamut. >> yeah, absolutely. i think in terms of the middle tier consumer, we still haven't seen them come back in terms of the aspirational. in the high end, if we see us going over the fiscal cliff, like we saw in the recession, there will definitely be a pullback. maybe less units purchased. but there's still on the margin impacted consumer. but in terms of the middle income consumer, that could be impacted the most. >> talk about the broader picture here. i appreciate we're getting articles continually out of china suggesting that the new regime is going to cut down on excessive displays of wealth. but the middle classes are s
taxes or prospect of lower bonuses? >> i think both. eccentric, bodes to spending here in the northeast. as long as the economy holds up in terms of the markets and home prices and those type of things, again, the consumer has always been about the ability to spend versus willingness to. >> so which are the retailers, tom, in your opinion that could be hit the hardest? luxury obviously runs the gamut. >> yeah, absolutely. i think in terms of the middle tier consumer, we still...
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taxes should not go up for 98% of the people. you have wilful minorities in this house and in the senate, who want to make certain taxes stay lower for the top 2%. in a real world, most of the time you'd be able to resolve that. it's the really strange fiscal politics of washington that's been doctrinaire on the revenue side. we all understood we have spending to balance. the president put $400 billion of reductions in medicare savings on the table. the majority of americans, including romney voters understand the obvious, that is revenues have to be part of the equation. this is a question -- why can't we do it is the head scratching question for most people. it's really part of the institution institutional paralysis of congress, you have a filibuster that enables the minority to work their will and stop even consideration of legislation. in the house, the speaker has to bite the bullet and put on the floor a bill that's going to get significant democratic support and some republican support. that's the only way to do what the
taxes should not go up for 98% of the people. you have wilful minorities in this house and in the senate, who want to make certain taxes stay lower for the top 2%. in a real world, most of the time you'd be able to resolve that. it's the really strange fiscal politics of washington that's been doctrinaire on the revenue side. we all understood we have spending to balance. the president put $400 billion of reductions in medicare savings on the table. the majority of americans, including romney...
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about whether to raise taxes, tax rates on anybody. you're going to begin to see this conversation as the conversation moves forward. the rifts in the democratic party about what programs should be cut and what programs should be saved. and i think that's a little of what you're seeing now. i don't know if it's enough to sort of throw the whole deal out. i think only those folks -- you did hear the folks, senator mcconnell saying i've called my friend joe biden, can he get to the president. it's clear that the democrats are saying that the president is the one who won't -- you know, who doesn't want to put up a counteroffer. so we'll see. >> changes by the hour. >> candy crowley, thank you as always, we'll be in touch. >> all eyes continue to be in washington as the cliff gets closer, the president insists 0 a tax hike for the rich. but the republicans won't budge. something has got to give. a.b. stoddard weighs in. [ male announcer ] you are a business pro. omnipotent of opportunity. you know how to mix business... with business. and
about whether to raise taxes, tax rates on anybody. you're going to begin to see this conversation as the conversation moves forward. the rifts in the democratic party about what programs should be cut and what programs should be saved. and i think that's a little of what you're seeing now. i don't know if it's enough to sort of throw the whole deal out. i think only those folks -- you did hear the folks, senator mcconnell saying i've called my friend joe biden, can he get to the president....
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we need to not just raise taxes. if we give the president every tax increase that he wants. we need to address the spending. >> and the president has addressed that. no one is saying that there should be no spending cuts. >> ultimately. we have to find a bring here to get across. what are the ways we can agree on that will help us through that. i would would brry if we get do our fox holes and shoot across at each other. you know our international reputation is going to suffer. every other country in the world and watching this is going to say is america prepared to leave? >> you can't trust these guys, they are not up to it. >> if the nation slides into a resocial. i think the republicans will pay the biggest price in the beginning. the president so far has the fact is the republicans have been losing the message war on that. for its own sake it need to listen to the right of center not the nar right. right now, it has to act as if look, the country's needs come first. what do we need to do some protect the country's welfare. we thought it would come with the event of the e
we need to not just raise taxes. if we give the president every tax increase that he wants. we need to address the spending. >> and the president has addressed that. no one is saying that there should be no spending cuts. >> ultimately. we have to find a bring here to get across. what are the ways we can agree on that will help us through that. i would would brry if we get do our fox holes and shoot across at each other. you know our international reputation is going to suffer....
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you look at say they raise tax rates, the top tax rate to 39.6% for those making more than $500,000, that's going to mean a lot of small businesses are going to pay that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20 or even 24 depending on where they put it. not an issue of penalizing investment income but penalizing labor and those who make their income through wages and they should both be taxed at the same rate. i do, again, fundam and at least raising the capital gains rate would help address this anomaly and susan collins and clara mccasical give legitimate -- you have billionaire equity managers paying 39%. i think this is a source of unfairness and inefficient and we should be taxing all income at the same rate. >> a fiscal cliff compromise likely won't happen without those special interests in having their say and their sway with these negotiations. i mean, how much do these lobbying groups really wind up turning the negotiations in a certain way to really make things sort of end up where we just started? >> again, capital gains an
you look at say they raise tax rates, the top tax rate to 39.6% for those making more than $500,000, that's going to mean a lot of small businesses are going to pay that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20 or even 24 depending on where they put it. not an issue of penalizing investment income but penalizing labor and those who make their income through wages and they should both be taxed at the same rate. i do, again, fundam and at least...
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he's all about taxes. he has this mandate on taxes. the spending cuts, the need to get us out of this mess, he hasn't been serious about those, and then that's unfortunate. so, you know, i think where mick and i may be part company is this needs the big deal. i'm okay to say, president, you won. you can tax these rich people you seem to dislike so much, but, you know what? come up with spending cuts. we're borrowing ail trillion dollars a year, and he's not. >> i want to show you one of the our latest polls, and the question was which party should compromise more? 53% thought the republicans should compromise more, and 41% said the democrats. so it's not just the president won. you've seen poll after poll. they blame republicans if their taxes go up. you don't want anyone's taxes to go up, and yet, you are admitting here, saying i think everybody's taxes are going up. >> i don't know it's a question of who should compromise more? we recognize in order to get to a compromise. the question is who is supposed to lead? the president is the
he's all about taxes. he has this mandate on taxes. the spending cuts, the need to get us out of this mess, he hasn't been serious about those, and then that's unfortunate. so, you know, i think where mick and i may be part company is this needs the big deal. i'm okay to say, president, you won. you can tax these rich people you seem to dislike so much, but, you know what? come up with spending cuts. we're borrowing ail trillion dollars a year, and he's not. >> i want to show you one of...
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did anybody think about the ramifications like these tax cuts, these tax cuts and all this spending going on? >> well, i think that the question is, you know, how do we pay for the tax cuts. and i think there are reasonable ways to do so. it just seems that our friends on capitol hill on both sides of the aisle have a difficulty in, you know, making necessary -- making necessary spending reductions to enable progrowth policies to persist. and that's an unfortunate thing. yeah, look, this was -- i heard a previous guest say this was a deal with the devil because it, you know, because it -- you got tax cuts now for ten years and a date certain for when they would go away. that's true, but we thought we were dealing with adult policy makers in washington and we thought that people would do the right thing with respect to fiscal policy. look, we wouldn't be in this circumstance, you know, president obama actually extended these tax cuts with the intent that washington would take a more reasonable look at how we can phase in fiscal policy in a way that wouldn't do damage to the overall economy
did anybody think about the ramifications like these tax cuts, these tax cuts and all this spending going on? >> well, i think that the question is, you know, how do we pay for the tax cuts. and i think there are reasonable ways to do so. it just seems that our friends on capitol hill on both sides of the aisle have a difficulty in, you know, making necessary -- making necessary spending reductions to enable progrowth policies to persist. and that's an unfortunate thing. yeah, look, this...
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brian, no one wants their taxes to go up. we know come tuesday, everyone who gets a paycheck will get less money in it unless a deal is reached. i know you've been talking to people and getting the pulse of the country, what are they saying to you? >> you know, martin, you're right, gallup did a recent poll taking a look at this. let's take a look. the recent poll shows that 68% of americans are saying lawmakers are should compromise in order to reach this fiscal cliff solution. only 22% think those lawmakers need to stick to their guns and not budge. either on tax increases or spending cuts. >> so we know that gridlock has been a big problem and we're seeing more, it appears on this issue. in the end could this result in who has the upper hand in public support? >> that's the game they're playing, is it the republicans to blame or the democrats? president obama has seen an increase in his numbers as they've been going through this. as you saw with dana bash, they're at a standstill, who knows what they're going to do. we ask
brian, no one wants their taxes to go up. we know come tuesday, everyone who gets a paycheck will get less money in it unless a deal is reached. i know you've been talking to people and getting the pulse of the country, what are they saying to you? >> you know, martin, you're right, gallup did a recent poll taking a look at this. let's take a look. the recent poll shows that 68% of americans are saying lawmakers are should compromise in order to reach this fiscal cliff solution. only 22%...
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but he did leave the door open a little. >> i'm okay, you president, you can tax the rich people. but come up with some spending cuts, we're borrowing $1 trillion a year and he has not. >> indiana senator joe lieberman said he's more pessimistic than he's ever been that a deal will get done. >> in the aftermath of the house republicans rejecting speaker boehner's so-called plan b, the first time that i feel that it's more likely that we will go over the cliff than not. and that, if we allow that to happen, it will be the most colossal consequential act of congressional irresponsibility in a long time. maybe ever in american history. >> leaders from both sides are expected back in washington on thursday. in india. growing demonstrations after a 23-year-old woman was gang-raped on a bus. the protesters are growing angrier over the number of rapes in the capital and the inadequate police response. authorities have tried to ban protests in new delhi, that ban has calmed nothing public outrage over the violent rape has grown. this from our sister network. >> there have been protests al
but he did leave the door open a little. >> i'm okay, you president, you can tax the rich people. but come up with some spending cuts, we're borrowing $1 trillion a year and he has not. >> indiana senator joe lieberman said he's more pessimistic than he's ever been that a deal will get done. >> in the aftermath of the house republicans rejecting speaker boehner's so-called plan b, the first time that i feel that it's more likely that we will go over the cliff than not. and...
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. >> that's with the $250,000 and under keeping their tax rate. everybody else gets a tax hike? >> i live in an alternate reality. the grew of age in politics in the clinton administration and watched pelosi and harry reid vote for tax increases under bill clinton that are the taxes we would go back to if we do nothing. at the same time, i watched nancy pelosi lead the charge against the bush tax cuts that ultimately now they want to keep 98% of. the truth is if we go over the cliff on a tax basis, we're only going back to the clinton era taxes. if we don't change spending, we're going to stay over the cliff. even if we go back to the clinton tax rates, the clinton tax rates, which is what the cliff is described as, you still have nearly half a trillion dollars a year, $5 trillion over ten years worth of deficit. that's because while we grew the -- under bush the taxes revenue went up 25%, and spending went up 100% in the last 12 years. if you put back the revenue from the higher taxes, you still have a deficit. that's what we're trying to change. >> we kind of are where we are,
. >> that's with the $250,000 and under keeping their tax rate. everybody else gets a tax hike? >> i live in an alternate reality. the grew of age in politics in the clinton administration and watched pelosi and harry reid vote for tax increases under bill clinton that are the taxes we would go back to if we do nothing. at the same time, i watched nancy pelosi lead the charge against the bush tax cuts that ultimately now they want to keep 98% of. the truth is if we go over the cliff...
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the tax policy center has a tax calculator. so it allows you to estimate how your family could be affected. josh levs is here in atlanta breaking down the different scenarios. the only thing you can't say is i'm going to start a drinking game. don't say kick the can down the road. jifs not going to use that phrase. i have been covering this at cnn.com and doing everything i can to avoid saying things like that. the figure a lot of people know if you know any figure is $2,000 because president obama says it a lot. the average family will end up spending $2,000 more if the fiscal cliff is not averted. let me show you something. you can find out how it would impact you directly by using this. there's a lot of numbers you have to plug in to make sense of it. obviously it can't be exact, it can't be precise, it can't predict the future, but i want to show you some examples we have pulled out. let's go to the graphic here that has a few of the examples we're showing you here. it would take, for example, this scenario, married with no
the tax policy center has a tax calculator. so it allows you to estimate how your family could be affected. josh levs is here in atlanta breaking down the different scenarios. the only thing you can't say is i'm going to start a drinking game. don't say kick the can down the road. jifs not going to use that phrase. i have been covering this at cnn.com and doing everything i can to avoid saying things like that. the figure a lot of people know if you know any figure is $2,000 because president...
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because you have to add both the obama care tax that's coming and the tax, the disappearing bush tax increase and this hits primarily as you know, small business owners and people who file subchapter s corporations. >> that's not who is primarily hits, it hits some of those people. >> over half of all the small business income that ends up paying this higher rate, if you do it. and the last time we did this, more than two-thirds of the people who got hit, were actually the subchapter s corporation. i think it would have a very significant effect. the other effect it has is that we're not cutting spending because we're spending too much money. and that sends a very bad signal. if we're not going to do entitlement reform, because every time we talk about it obama says let's raise taxes instead. we're dealing with tens of trillions of dollars in unfunded liabilities, in four years obama has done nothing on entitlement reform. nothing for four years. what has he done? chirped about raising taxes on rich people. raising taxes on rich people is what obama talks about instead of doing his j
because you have to add both the obama care tax that's coming and the tax, the disappearing bush tax increase and this hits primarily as you know, small business owners and people who file subchapter s corporations. >> that's not who is primarily hits, it hits some of those people. >> over half of all the small business income that ends up paying this higher rate, if you do it. and the last time we did this, more than two-thirds of the people who got hit, were actually the...
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energy is a tax on energy prices are a tax on everyone. they're a tax on households and businesses, we're going to see much more available cheaper energy and that will lower the burden on households and crucially as you pointed out, and this is where i think you're going to see a great knock-on effect, it makes manufacturing more viable in the u.s. so it's not just the jobs in the energy sector, it's the fact that all all of a sudden and especially natural gas, which is hard to transport, it starts to make sense to locate those factories where the energy is the other thing that i love about the energy story is as we've discussed a lot. one of my huge concerns about the u.s. economy is well-paying middle class jobs. and i think that you know, we can't neglect the economic reality that we are seeing the hollowing out of those jobs, huge downward pressure on wages. and the energy sector, that's not happening so much. in the actual production of natural resources, you can't outsource those jobs, so those are good jobs. >> can i give you an exa
energy is a tax on energy prices are a tax on everyone. they're a tax on households and businesses, we're going to see much more available cheaper energy and that will lower the burden on households and crucially as you pointed out, and this is where i think you're going to see a great knock-on effect, it makes manufacturing more viable in the u.s. so it's not just the jobs in the energy sector, it's the fact that all all of a sudden and especially natural gas, which is hard to transport, it...
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rate should be as well as on taxes on small business as well as the death tax. they are very divided on this issue. >> the estate tax. yeah. so let me have you answer that. i have another subject i want to bring up. do you think there will be a deal and that most taxes will not go up? >> we're not there yet, but i'm hoping in a bipartisan way we can get something done before new year's day. >> okay. let me -- i wanted to play you something else, because you were an immigration lawyer before you came in, continues to be something you're interested in. and the president was talking about priorities for this year and here's what he had to say. >> i've said that fixing our broken immigration system is a top priority. i will introduce legislation in the first year to get that done. i think we have talked about it long enough, we know how we can fix it, we can do it in a grow hensive way that the american -- comprehensive way the american people support, that's something we should get done. >> sounds like it could be a done deal. talked enough about it. >> i think he
rate should be as well as on taxes on small business as well as the death tax. they are very divided on this issue. >> the estate tax. yeah. so let me have you answer that. i have another subject i want to bring up. do you think there will be a deal and that most taxes will not go up? >> we're not there yet, but i'm hoping in a bipartisan way we can get something done before new year's day. >> okay. let me -- i wanted to play you something else, because you were an immigration...
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we are talking about every american's tax rates who pays taxes, talking about the extension of unemployment, the estate tax this has more elements in it than most things do i think at the end of the day, you know, in the senate now, i think the senate will come to some sort of arrangement, they will push it over here and then i think the house will be the decisive arena, a lot will depend, obviously, on what the senate agrees to >> isn't that the question what will happen in the house? i don't think we have a concern, maybe i shouldn't stay quite that way, the house seems to be the clear focus on whether or not republicans can muster the votes needed. what is going to happen? >> a lot depends on the nature of the agree weren't, remember on the speakers a plan b, he had over 200 republican votes are, it is not as if he doesn't have an awfully strong hand to play. if it's a deal that john boehner can accept, then frankly, i think it will be passed in a bipartisan manner with a very strong majority. if, on the other hand, he is either neutral or not favorable, then his chances are going to be
we are talking about every american's tax rates who pays taxes, talking about the extension of unemployment, the estate tax this has more elements in it than most things do i think at the end of the day, you know, in the senate now, i think the senate will come to some sort of arrangement, they will push it over here and then i think the house will be the decisive arena, a lot will depend, obviously, on what the senate agrees to >> isn't that the question what will happen in the house? i...